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Innovative Industrial Properties, Inc (NYSE:IIPR) Unveils Exercise Of Underwriter’s Option To Purchase Common Stock Shares

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Innovative Industrial Properties Inc

Innovative Industrial Properties, Inc (NYSE:IIPR) announced recently that it has obtained the exercise of the underwriter’s option to buy additional shares of the common stock in relation to the company’s previously announced public offering. The company has so far sold about 3,220,000 shares of common stock in the public offering that raised the gross offering proceeds of about $83.7 million.

The offering of the firm’s common stock has been made via the means of prospectus supplement and other prospectus. The copies of the preliminary prospectus supplement together with the final and accompanying prospectus can be accessed through the subsidiary of the Ladenburg Thalmann Financial Service Inc., Ladenburg Thalmann & Co. Inc., a firm that has been contracted to act as a lead book-running manager.

The Compass Point Research & Trading, LLC and National Securities Corporation have also been selected to act as the joint book-running managers for the ongoing offering.

Furthermore, a statement on the registration of the securities has been acknowledged by the Securities and Exchange Commission. Innovative Industrial Properties focuses on the acquisition, and management of the special industrial properties leased by the operators for their respective medical cannabis facilities. The company is planning to be regulated and taxed as the real estate investment trust company.

Recently, the company commenced the public offering of approximately 1,000,000 shares of the common stock. The company intends to grant its underwriters a one month option to buy the additional 150,000 shares of the common stock to cover all the overallotments.

The company also plans to utilize the net proceeds accrued from the offering to invest in the special industrial real estate facilities that would enhance the regulated medical cannabis cultivation and improved industry processing systems.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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